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2024-12-31-accounts

REPORT OF THE TREASURER AND ACCOUNTS FOR THE YEAR EliDED 31 DECEMBER 21124 FOR ST. MARK'S CHURCH WOODCOTE

ST. MARK'S CHURCH WOODCOTE

CONTENTS OF THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Report of the Trustees 1
Independent Examiner's Report 2
Statement of Financial Activities 3
Balance Sheet 4
Notes to the Financial Statements 5 to 11
Detailed Statement of Financial Activities 12 to 13

ST. MARK'S CHURCH WOODCOTE REPORT OFTHE TREASI'.RER FOR THE I'EAR ENDED JI DECE.MB£R 2024 ThL 20?4 linanLial r¢%uli% a Imi)d¢rate %ury)lu>. i%ith iniL)ming reiourlei exieedin¥i r¢50uri¢s ¢XP¢Dd¢J b! £883. Ihis l￿mpare5 ith a defiLlt ot. £30_875 in 2023_ both i'L'ari ligtsrL% %lated bel'nrL Bain% or lo%%e% (Fn lixed a￿se1 inie%imeni.%. In¢i)me. in¥luding Ir(>m Inie%imenli. ruse b!. lo.￿/￿. iihi141 CXPLnditUfC I%Lnl doi%n b! 8.70/0. Morc ddail ol. InCQrnL and LkPLnditurc is shoiin al pagLs 12 10 13. IncomL and r¢iLl%'ered (jill Aid Iri)m d()n(Ir% hether (rum rtgular giNing. ca%h and Ll¥¢imnic ¢oll¢¢iions ai servic¢% or one.otT ctoniilions 1434 15.70/0 hightr Ih%in in 21)23. LL'lling ini<)mL fri)m ihL h#ll%. Lhurch and annLN ro￿ b¥ 9.4D/IK rcflLciing IhL proaetiie ¢ttons i)I' our 114115 L.Liiing Managir. Sui C¢inLr. l-hi incria5L in lh¥ incornc lif thL annex. kni)%%n &% the L(Idg¢. paniLultsrlN AE r¢8ard% rhL Iiii4'Lr ¥ipcndiiuty. thi main faeiors ¥4cr¥ $pL￿ding signifTLanil!- Icss on rLpairb aild mainiettanLe and hJ%ing nv hall hi bad debi¥. 11 ¢ ar¢ siill e.%perieTrLin¥ hi¥Trh ￿tr¥I LI)41s. I￿>￿￿h Ihesr ha￿¢ bttn Lin a m()deraic doi%'ni4ard IrLnd in iiintcr 2024125. In ?024 the church paid Ih4.51K> 121121.. L62..3(Mll ith thc Di&c¢san Pari%h %upp(irt Fund. iihich a %lighili high¢T inrr¢a<e than SUB8e%tcd h% lh¢ Diocese. The l)i0¥¢s¢ ad% ised us thai our funding ￿&S alloLaied its its budsctb in IhLs1 pruponiun5.- Minislci< pa3-. including Naiii)Dal Insuranie and pell%i()n.4. £.30..4￿.. Milli51ers' housin¥ £8.5(N)'. Irdiniiig ttnd othLr ministn. suppon 113.700. and li idLr 4upprFrt tor parishls £12.000. The tr(- ha% pledged £fi6.IM io the Par1￿h Supptlrt Fund lor 2025. d¥dili ekLeLdirJ¥ thc hightr conlribuiion soughi b! ihe Diolesr. We i¥ii￿jreI1 £10.OUO uf lixed a55et I￿￿eSt￿c￿lS during Ihe l'ear 10 ensure thtre iierL comfnrtabll ¢ash balan¢¥s uhilsi ¥4-¢ paid lor bya &nd eleliricin thai rcmain dt hi%iDr1calli' htgh prices. A4 rcgardq enLY% CO%lS. thL 2022 1)i()cesan grani ol. £1.400 10I4ards heaiinE Ll)s1 a5 noi blin ripiatid in ?023 or 2024. Our toial in%is￿ent portfolii) had d i edr-lnd valuuiivn c)I'£.331.735. I1'hiLh 0.6Vo highir- in pItL ot'lhL' ii-iihdraiial Ot-£10.Q￿ ihan IhL comparable figure nf £_329.094 in 2023. Ihe Invesimenis held b! the DIIILCSC l)nl) k- U4ed i)n cxpindiiurc of an icclLsiasiiLal nature approied b! Ihe Di0¢￿e. although Ihe intvm¢ uri%inb fri)tn ihe lnvesljn¢nl￿ 1% P thL' L()ntinuin8 gwer()siti' ()t paT15hionLrs. IhL averaBe age ol. our donors is riSlllb. Iti% b¢ing (If i%4)IKing dg¢. I)￿L[ the IDngLr iLrm. IhL rLgular giling ha% nui bLLll rising in redl ievnk a siiuaiiun m&%ked in recLni liars bl generous one-ol'f oil'is. A I'unhtr challenge 1% Ihai Iht churLh rtlie% nn ILiiing income io guard aBainsi Ihe depleiion of our IiniiTiLi31 in%'¢4tmin15 and 10 mainiain Loniribulions 10 Ihc L%Lr-Incrtasing cvst% ()f Ihe l>ariNh %uptH)rt Fund. li 1% IhLrLfurL LS￿L￿tIal lo kLLP LhL hall ￿nd l￿d￿ve 12Liliii¢s in%'iiin8 d% 14-ell ￿ funciional. Ilull Iulting i5 a compctitllL Ln¥ironmcnt. The hall% are 60 cild dn %ignific&ni. unprediLiable expendiiurc Lln LILLtriLdl and ri)DfiRg iNork-4 hecn Th¢ LDnS151ellt eiperienie vl. reLeni i'cars. ()ur l-hursdai. (ir()up ilt. Parishion￿r£ i¥hv carr¥. out a signiliiant nuinber vl. minor maint¢nanL¢ oi Coql is diminishing in nllmber. therL'li)re relati￿LI% mi)r¢ 1% b¢ins %p¢ni on ¥￿ternal coniracioT5. Thc c051s ol-niaterials aiid Iradesmen hai'r risen in r¢dl term% sinct IhL pandLmiL. Finulli. >]nd ni)I liaii. ir is iK'coming more dilliLulI to find ￿0tUni¢ers. i%-hdher merTrber% of the Longregaiion or noL to assume po¥itiibnb ol"rLpon%ibilin and carrn oui impthrt8rt1 tLiks. AS li)r*%haJiii%¢d in rTri, 2U23 rcpotL our Halls Lbming ManagLr SUL Carter has expanded the letiing income mdrkedl!. IhrouBh her aLlikL rnark¢iing and good rlI￿lon5hlpS %1 iih hirers. so ihtmk% are vern tllULh due lo SUL. (TCOtI- Knighi caniinues io SUPPNIrt li iih hi ¢i)MpL￿1L￿l adrninislration ut-the Idting finances. Thanks also ta TLrTr Cairnfi for S&PCrniSing ihe plartn¥d ¥iNiDs proErammc. c&rr%ing oui Ihc Lhurlh-s bankin¥ r¢Lu￿￿[Ing Gill Aid Irutn IIMRL - £13.IIIX) cani¢ back 10 us in 2024. Furmer TrLa8urir I'on¥ .1 uckir ha5 proiided ¥ii%e aditce nn linanlial 1%su¥'%. ¢spwiiall> inTrcslTnLn15. 1 arn grai¢fJl Iii iiur aLLI)uni% txaininer. AndrLN¥ 14arkcr. lor iidiiL¢ un tnaking morL Ll'ficiLni u%¢ i)l-our X¢ro a¢¢ouniing paLk-age. Mi. pJniculor thk￿K-E go io iht Dtpuii Trtagiirer Sarah L'hdrtrL lhii. in addiiiiin io hcr PLC. ILe Ilyarden duties. pruLe55¢5 i%ell oTrer I.￿0 tr￿￿¢tIOnS in a %igr. 95 K¥LII as dialing li iih pa%r()11. i&1. HR matieri. pri)Ltsrem¢ni ¢i)niraL15. all aspects of Lnergi, use. and a full Tange ut niher prDbl¢m-soli'ing i&sks. ollen unconneLtcd i%ith finanLC. finallN'. Ihanks ID the iongregalion and parishioner.4 Ot. 81 Mark s for Ihcir LItLnsii'L suppori. both Jrtd un4LLn. C l Robithson, Honorary Treasurer DatLI".

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. MARK'S CHURCH WOODCOTE

I report on the accounts for the year ended 31st December 2024, which are set out on the statement of financial activities, balance sheet and associated notes.

Respective responsibilities of the members of the Parochial Church Council (PCC) and the Independent Examiner

As the members of the PCC you are responsible for the preparation of the accounts; you consider that an audit is not required for his year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:

Basis of Independent Examiner's Statement

My examination was carried out in accordance with the General Directions given by the Charity Commission.

An examination includes a review of the accounting records kept by the PCC and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.

Independent Examiner's Statement

In connection with my examination, no matters have come to my attention:-

(1) which gives me reasonable cause to believe that in any material respect the requirements

-" to keep accounting records in accordance with section 130 of the 2011 Act; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Neel Ail

Andrew Harker FCCA

1 Clarence Road Horsham West Sussex RH13 5SJ

Date: 5 May 2025

Page 2

ST. MARK'S CHURCH WOODCOTE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
86,048
Other trading activities
3
61,417
Investment income
4
10,414
Total
157,879
EXPENDITURE ON
Charitable activities
5
Giving to Missions and Charities
3,437
Church expenses
78,143
Annex costs
1,072
Diocese contribution
64,500
Other costs
12,836
Total
159,988
Net gains on investments
8,256
NET INCOME/(EXPENDITURE)
6,147
Transfers between funds
13
2,053
Net movement in funds
8,200
RECONCILIATION OF FUNDS
Total funds brought forward
262,465
TOTAL FUNDS CARRIED FORWARD
270,665		 Restricted
funds
£
4,794
-
2,053
6,847
969
2,886
-
-
-
3,855
3,786
6,778
(2,053)
4,725
87,120
91,845		 2024
Total
funds
£
90,842
61,417
12,467
164,726
4,406
81,029
1,072
64,500
12,836
163,843
12,042
12,925
-
12,925
349,585
362,510		 2023
Total
funds
£
78,774
57,048
12,806
148,628
5,478
100,554
-
62,300
11,171
179,503
28,957
(1,918)
-
(1,918)
351,503
349,585

The notes form part of the accounts

Page 3

ST. MARK'S C.HURCH WOOKOTE BALANCE SHEET 31 DTr:CTr.MB Tr-R 2024 2024 Totsl funds 2023 UnrL51fiLicd Resiricied tund FIXED ASSETS 10,073 252J29 10.073 9.694 329.694 In¥e%imenis 79.4(k6 262,402 79,406 341.808 33Y.388 CL.RRENT ASSETS 10 12202 29 12,202 5,029 14? 7.942 C%sh #t 7,439 19.187 11,439 31ffj26 24.5 IV CREDITORS AtnOUnlh lalling due ilithin Dll¢ lear 110,9241 110,924 NET CLRRENT ASSETS 8,26J 12,439 20,702 10.197 TOTAL ASSETS LESS CLRREP4T LIABILITIE5 270,665 91,845 362,510 .149.585 NET ASSET.$ 91.845 349.585 FI1NDS Ilnrc%iriLILd lunds R¢slriil¥d t'und5 262.46) 87.120 91,845 TOTAL FU.NDS 362.510 349.585 Th¢ linancial bthiem¢n(% i¥er¢ appiiii'Ld bi ihc Board ol frusiees and auihori5ed lor i%%UL l)n siÉned on its bchalf bl.: and i4erL' C. l Ri)btll￿0n. I lonoran 'frLastsfLY ThL nOIL£ lorm p2rt ol'the aiL()un15 l)ag¢ 4

ST. MARK'S CHURCH WOODCOTE

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The accounts statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the church has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the church to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 3 to 10 years

Fund accounting

Unrestricted funds can be used in accordance with the church's objectives at the discretion of the PCC.

Restricted funds can only be used for purposes specified by the donor.

2. DONATIONS AND LEGACIES

Planned giving - tax efficient
Planned giving - non tax efficient
Gift aid refunds
Cash collections
Donated services and facilities – electronic giving
General donations – including Place To Be Café £4,892/£3,458
Penny Norris Suite income		 2024
£
55,532
6,624
13,415
2,771
1,482
8,691
2,327
90,842		 2023
£
50,939
636
13,781
3,976
950
8,492
-
78,774

3.

OTHER TRADING ACTIVITIES

Uplander Income & Expenditure
Church lettings
Annex income
Hall Letting income less deposit refunds
Wedding & Funeral fees		 2024
£
143
4,230
10,571
45,291
1,182
61,417		 2023
£
210
4,869
3,255
46,819
1,895
57,048

continued...

Page 5

ST. MARK'S CHURCH WOODCOTE

NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

4. INVESTMENT INCOME

Interest received 2024
£
12,467		 2023
£
12,806

5. CHARITABLE ACTIVITIES COSTS

Support
Direct
costs (see
Costs
note 6)
£
£
Giving to Missions and Charities
4,406
-
Church expenses
81,029
-
Annex costs
1,072
-
Diocese contribution
64,500
-
Other costs
9,721
3,115
160,728
3,115
6.
SUPPORT COSTS
Governance
Finance
costs
£
£
Other costs
392
2,723
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
72,819
5,955
Other trading activities
57,048
-
Investment income
12,695
111
Total
142,562
6,066
EXPENDITURE ON
Charitable activities
Giving to Missions and Charities
3,748
1,730
Church expenses
85,631
14,923
Diocese contribution
62,300
-
Other costs
11,171
-
Total
162,850
16,653
Net gains on investments
20,859
8,098
NET INCOME/(EXPENDITURE)
571
(2,489)
Transfers between funds
(1,985)
1,985
Net movement in funds
(1,414)
(504)
RECONCILIATION OF FUNDS
Total funds brought forward
263,879
87,624
TOTAL FUNDS CARRIED FORWARD
262,465
87,120		 Totals
£
4,406
81,029
1,072
64,500
12,836
163,843
Totals
£
3,115
Total
funds
£
78,774
57,048
12,806
148,628
5,478
100,554
62,300
11,171
179,503
28,957
(1,918)
-
(1,918)
351,503
349,585		 Totals
£
4,406
81,029
1,072
64,500
12,836
163,843
Totals
£
3,115
Total
funds
£
78,774
57,048
12,806
148,628
5,478
100,554
62,300
11,171
179,503
28,957
(1,918)
-
(1,918)
351,503
349,585

continued...

Page 6

ST. MARK'S CHURCH WOODCOTE

NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

8. TANGIBLE FIXED ASSETS

Fixtures
and
fittings
£
COST
At 1 January 2024 34,070
Additions 2,184
At 31 December 2024 **36,254 **
DEPRECIATION
At 1 January 2024 24,376
Charge for year 1,805
At 31 December 2024 **26,181 **
NET BOOK VALUE
At 31 December 2024 10,073
At 31 December 2023 9,694
FIXED ASSET INVESTMENTS
Cash and
settlements
pending
£
MARKET VALUE
At 1 January 2024 329,694
Disposals (10,382)
Revaluations 12,423
At 31 December 2024 331,735
NET BOOK VALUE
At 31 December 2024 331,735
At 31 December 2023 329,694

9. FIXED ASSET INVESTMENTS

There were no investment assets outside the UK.

Certain investments are held by the Southwark Diocesan Board of Finance, which may only be used for expenditure of an ecclesiastical nature approved by the Diocese.

Investment income was also achieved from the various unrestricted investment accounts held on behalf of the Parish. Total investments were (values shown as at 31 December 2024): CCLA (£269,285). Eden Tree Investment Management (£42,542). M&G Investments (£11,795). and Rathbone Management (£8,113).

Income from both sets of investments realised £12,467 this year compared with £12,806 in 2023.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors
Tax
Prepayments and accrued income		 2024
£
4,079
2,958
5,165
12,202		 2023
£
2,304
2,295
3,343
7,942

continued...

Page 7

ST. MARK'S CHURCH WOODCOTE

NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. CURRENT ASSET INVESTMENTS

Central Board of Finance Deposit
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors		 2024
£
5,029
2024
£
10,924		 2023
£
5,029
2023
£
14,313

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

13. MOVEMENT IN FUNDS

Net
movement
At 1.1.24
in funds
£
£
Unrestricted funds
General fund
87,595
68
Mission
68,314
2,870
Church Maintenance
9,087
1,040
Hall Maintenance
68,113
1,194
Organ
28,183
939
Choir
1,173
36
262,465
6,147
Restricted funds
Southwark Diocesan Board of Finance
76,774
5,810
Restricted Gifts & Special appeals
1,793
(1,382)
Bequest
5,000
29
Place to be cafe
3,553
2,321
87,120
6,778
TOTAL FUNDS
349,585
12,925
Net movement in funds, included in the above are as follows:		 Transfers
between
funds
£
2,053
-
24,779
(24,779)
-
-
2,053
(2,024)
-
(29)
-
(2,053)
-		 At
31.12.24
£
89,716
71,184
34,906
44,528
29,122
1,209
270,665
80,560
411
5,000
5,874
91,845
362,510
Unrestricted funds
General fund
Mission
Church Maintenance
Hall Maintenance
Organ
Choir
Restricted funds
Southwark Diocesan Board of Finance
Restricted Gifts & Special appeals
Bequest
Place to be cafe
TOTAL FUNDS		 Incoming
resources
£
157,838
-
-
-
41
-
157,879
2,024
(98)
29
4,892
6,847
164,726		 Resources
expended
£
(159,988)
-
-
-
-
-
(159,988)
-
(1,284)
-
(2,571)
(3,855)
**(163,843) **		 Gains and
Movement
losses
in funds
£
£
2,218
68
2,870
2,870
1,040
1,040
1,194
1,194
898
939
36
36
8,256
6,147
3,786
5,810
-
(1,382)
-
29
-
2,321
3,786
6,778
12,042
12,925

continued...

Page 8

ST. MARK'S CHURCH WOODCOTE

NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Mission
Stonework and roof repair
Church Maintenance
Hall Maintenance
Halls Caretaking
Organ
Choir
Restricted funds
Southwark Diocesan Board of Finance
Restricted Gifts & Special appeals
Bequest
Place to be cafe
TOTAL FUNDS		 Net
movement
At 1.1.23
in funds
£
£
91,289
(1,709)
63,335
4,979
24,779
-
12,762
(3,675)
12,306
(175)
31,203
-
26,993
1,190
1,212
(39)
263,879
571
68,676
8,098
1,073
720
15,000
(11,985)
2,875
678
87,624
(2,489)
351,503
(1,918)		 Transfers
between
funds
£
(7,067)
75
(24,779)
4,425
55,412
(31,203)
1,025
127
(1,985)
-
-
1,985
-
1,985
-		 At
31.12.23
£
82,513
68,389
-
13,512
67,543
-
29,208
1,300
262,465
76,774
1,793
5,000
3,553
87,120
349,585

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Mission
Church Maintenance
Hall Maintenance
Organ
Choir
Restricted funds
Southwark Diocesan Board of Finance
Restricted Gifts & Special appeals
Bequest
Place to be cafe
TOTAL FUNDS		 Incoming
resources
£
142,028
-
-
450
85
(1)
142,562
-
2,497
111
3,458
6,066
148,628		 Resources
expended
£
(152,047)
(75)
(4,425)
(5,067)
(1,109)
(127)
(162,850)
-
(1,777)
(12,096)
(2,780)
(16,653)
(179,503)		 Gains and
Movement
losses
in funds
£
£
8,310
(1,709)
5,054
4,979
750
(3,675)
4,442
(175)
2,214
1,190
89
(39)
20,859
571
8,098
8,098
-
720
-
(11,985)
-
678
8,098
(2,489)
28,957
(1,918)

Southwark Diocesan Board of Finance

This fund arises from the sale of our former curate's house and a bequest. The SDBF holds the underlying investments on our behalf. The fund can only be used to finance expenditure of an ecclesiastical nature but interest and dividend income are released to us in order to meet parish running costs.

Restricted Gifts & Special appeals

This fund relates to both gifts restricted in their use and funds received by St. Mark's on behalf of other beneficiaries, for example collections at funerals for transmission to third parties. This fund separates such items from church funds.

continued...

Page 9

ST. MARK'S CHURCH WOODCOTE

NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

13. MOVEMENT IN FUNDS - continued

Bequests

This fund holds bequests, which are for restricted purposes, in a separate bank account – the CBF Church of England Deposit Fund. Currently it contains £5,000 (part of a larger gift of £7,000) for an altar hanging, donated by Gwyneth Frampton in memory of her late husband Clive. We expect this installation to be completed in 2025.

Mission

This fund supports the mission activities and outreach of St. Mark's.

Church Maintenance

This fund is used to pay for significant maintenance items. This includes costs such as boiler repairs and upgrades to our CCTV system.

Hall Maintenance

This fund supports the same purposes as the Church Maintenance Fund but in relation to the halls and lodge.

Organ

This fund is used to pay for significant refurbishment work on our church organ and to take in organ fees in connection with funerals.

Choir

This fund supports the activities of the choir, including the cost of professional membership fees.

Place to Be Café

In May 2021, the church received a Croydon Episcopal Area Special Grant of £2,275 to be spent on "innovative pieces of mission in the local Church community". The PCC decided this would be used to create and run a programme for people affected by dementia, and their carers, which is called A Place To Be Café. A professional manager is employed and activities staffed by volunteers. This fund separates the café and church finances.

14. RESERVES POLICY AND MAJOR RISKS

Reserves Policy.

This year's accounts have been presented incorporating the 2015 Statement of Recommended Practice and Financial Reporting Standard 102 for Charities. A detailed schedule of the movement in Reserve Funds is shown in note 13 above. This includes opening and closing balances in the various reserve funds as well as the income and amounts spent, transfers between funds and revaluation gains and losses of investments attributable to those funds. The notes at the foot of note 13 describe the purposes of the funds and provide examples of their use.

The Unrestricted general reserves stood at £89,716 at 31st December 2024, representing 55% (2023: 49%) of our total running expenses, including the costs of running the halls. The PCC regards a minimum of 33% as a prudent level of free reserves to hold against swings in income and unexpected expenditures in a given year.

Restricted Reserves held with the Southwark Diocesan Board of Finance, arising from the sale of our former curate's house and a bequest, are held for expenditure of an ecclesiastical nature that has to be approved by the Diocese. The investments resulting from these reserves generated interest and dividend income of £2,053 (2023: £2,149) which can be used to meet Parish running costs. Other restricted or designated reserves represent specific gifts or funds set aside for the purposes designated by the donors or the PCC.

continued...

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ST. MARK'S CHURCH WOODCOTE

NOTES TO THE ACCOUNTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

14. RESERVES POLICY AND MAJOR RISKS - continued

Major risks .

Those facing the Parish from a financial point of view are:

Church Income and Expenditure. Although donations held up well in 2024, the church is very vulnerable to declining attendances at services, although we are continuously hopeful for a revival in numbers. The average age of the congregation is increasing. Our cohort of volunteer parishioners undertaking maintenance tasks – the Thursday Group – is declining in number and increasingly unable to carry out work requiring specialised knowledge or equipment, resulting in higher expenditure on contractors, whose charges have risen sharply since the pandemic. The biggest cost challenge in 2024 continued to arise from high energy prices. A great deal of energy is used to heat huge volumes of unused space within the church. We have increased charges for winter hires of the church to help offset energy costs.

Halls: In broad terms, the halls and lodge generate almost all the letting income for the church to meet its Parish Support Fund contribution, which itself rises year- on-year. The halls offering has to be maintained and developed to protect the income stream of regular and occasional hirers. As examples of necessary expenditure, in 2024 we spent £1,480 to rewaterproof the hall roof and £1,602 to maintain the emergency lighting to the required standards.

Restoration of the organ. Potential restoration and major refurbishment options remain undecided. The organ has benefited from continuing maintenance, on which the church spent £1,560 in 2024.

Parish Support Fund. The parish is asked annually to make a financial pledge of the amount they will give the following year to fund the ministry and mission of the Diocese, including the costs of clergy. This is our single largest item of expenditure and its affordability depends on increasing our giving and letting income. The amount requested increases in line with Diocesan running costs, the majority of which are pay-related. The PCC has increased the 2025 pledge to £66,800 from £64,500, which slightly exceeded the Diocese’s suggested higher contribution.

Loss from financial investments. The value of our portfolio is subject to stock market turbulence - in 2024, we sold £10,000 of investments (2023: £15,000), principally to offset hugely increased gas and electricity costs. We realised a loss of £381 on these disposals in comparison with their valuation on 1 January 2024. Problems occur when the church has to liquidate investments to meet imminent bills at a time when stock markets are depressed and thereby incurs a loss on investments. To mitigate this risk, the investments are diversified to a considerable extent across investment geographies and sectors. In addition, the church maintains minimum current account balances sufficient to cover at least a month of normal expenditure. In early 2025 the PCC approved the recommendations from a review of investments by the Finance sub-committee. The actions from the review are intended to provide more diversification and less risk across the portfolio.

Inability to fill key positions of responsibility. It is becoming more difficult to fill key roles from within a slowly declining, and increasingly elderly, congregation. This situation is not uncommon within the current Church of England. The Treasurer role was filled in 2022, but shared between two people. The church currently has churchwarden capacity until the 2025 APCM, but if no replacements are forthcoming there will need to be discussions with the Diocese about alternative governance arrangements.

Page 11

ST. MARK'S CHURCH WOODCOTE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

INCOME AND ENDOWMENTS
Donations and legacies
Planned giving - tax efficient
Planned giving - non tax efficient
Gift aid refunds
Cash collections
Donated services and facilities – electronic giving
General donations
Other trading activities
Uplander Income & Expenditure
Church lettings
Annex income
Hall Letting income less deposit refunds
Wedding & Funeral fees
Investment income
Interest received
Total incoming resources
EXPENDITURE
Charitable activities
Secretarial costs
Diocesan Contribution
Clergy expenses
Books & training literature
Charitable Giving
Telephone, Broadband & Office Costs
Organist & Music Director
Lay Pastoral Assistant
Organ Maintenance
Parish Events
Youth Ministry Costs
Repairs & Maintenance
Utilities
Cleaning
Security
Sundry Church Expenditure
Hall Letting costs
Printing Postage, Stationery
General Expenses
Insurance
Annex running costs
Sanctuary & Worship costs
Place to be expenses
Penny Norris suite
Bad debts
Carried forward		 2024
£
55,532
6,624
13,415
2,771
1,482
11,018
90,842
143
4,230
10,571
45,291
1,182
61,417
12,467
164,726
6,867
64,500
99
153
4,406
1,425
7,588
-
1,560
-
(171)
10,841
28,118
7,692
1,525
699
9,185
2,028
1,233
5,519
1,072
1,381
3,771
1,237
-
160,728		 2023
£
50,939
636
13,781
3,976
950
8,492
78,774
210
4,869
3,255
46,819
1,895
57,048
12,806
148,628
6,871
62,300
1,087
210
5,478
603
7,313
499
1,109
88
(359)
16,653
27,756
6,427
2,046
977
8,618
1,344
958
5,290
892
1,099
2,780
13,754
3,152
176,945

Page 12

ST. MARK'S CHURCH WOODCOTE

DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
Charitable activities
Brought forward
Legal fees
Support costs
Finance
Bank charges
Governance costs
Accountancy fees
Fixtures and fittings - depreciation
Total resources expended
Net income/(expenditure) before gains and losses
Realised recognised gains and losses
Unrealised gain on fixed asset investments
Realised gains/(losses) on fixed asset investments
Net income/(expenditure)		 2024
£
160,728
-
160,728
392
918
1,805
2,723
163,843
883
12,423
(381)
12,925		 2023
£
176,945
205
177,150
391
885
1,077
1,962
179,503
(30,875)
28,957
-
(1,918)

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